Centre to Eliminate One-Year Jail for Realty Norm Violations
NEW DELHI: In a significant development for homebuyers, the Centre has proposed the removal of the existing penalty of up to one year of imprisonment for allottees who do not comply with orders from the Real Estate Appellate Tribunal. The proposed amendment aims to revise Section 68 of the Real Estate (Regulation and Development) Act, 2016, stating that defaulters could face a financial penalty of up to ten percent of the property cost, which includes plots, apartments, or buildings. This change is part of the Jan Vishwas (Amendment of Provisions) Bill, 2026, recently introduced in the Lok Sabha by Minister…